The choice of exchange rate regimes in developing countries : a mulitnominal panal analysis

This paper analyses the choices of exchange rate regimes in developing countries since 1980. Static and dynamic random-effects multinominal panel models are estimated using simulation-based techniques. Explanatory variables include OCA fundamentals, stabilization considerations, currency crises factors, and political and institutional features. The results reveal strong state dependence in regime choices. -- exchange rate regimes ; developing country ; multinomial logit model ; static and dynamic panel ; simulation